Could Bitcoin Really Hit All-Time Highs Soon?
Mohit Sorout – a founding partner of Bitazu Capital – sees new all-time highs in Bitcoin in the near future. On August 5th, he shared the chart below on Twitter: “This $ btc diagram is real and gives me ATH vibes.” The chart shows that the volatility of the leading cryptocurrency has reached a macroeconomic turning point that was last seen at a low in 2019. This period of low volatility suggests that Bitcoin will soon see a macro breakout – possibly in an upward direction.
Not the only one who thinks that way
Sorout is far from the only fund manager in the crypto space who believes Bitcoin will soon hit new all-time highs. Given the fundamentals, there are many prominent cryptocurrency analysts and investors who are far from pessimistic. Mike Novogratz, founder of Galaxy Digital, told CNBC in an interview last week: He believes BTC will reach $ 20,000 in 2020.Attributing his comment to the ongoing money pressures by central banks, he argues that the thesis is fueling booming interest in gold and cryptocurrency:
“Big bubbles usually end with political steps. It doesn’t look like the Fed will raise rates … The liquidity story won’t go away. We’re going to get a big stimulus … Much of the retail interest shifted to story stocks, to tech stocks, because they were just more fun. Yesterday we saw a lot of money switch back to gold and bitcoin. There is an adoption game in Bitcoin that you don’t have in gold. But I like them both. “